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Consider a situation where a woman comes down with a case of rubella (German measles) in the eleventh week of pregnancy, as opposed to the thirtieth week of pregnancy.The difference in the way rubella would affect the unborn child at these two times is an example of
Explicit Cost
Direct payment made to others in the course of running a business, such as wages, rent, and materials.
Kitchen Equipment
Tools and appliances used in a kitchen for the preparation and cooking of food.
Implicit and Explicit Costs
Implicit costs are indirect, non-monetary expenses related to the use of resources owned by the business, while explicit costs are direct, monetary payments for resources not owned by the firm.
Accounting Profit
The financial gain calculated by subtracting total explicit costs from total revenue, representing the net income reported on a company's financial statements.
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